USDA Report Reaction, Early Call
The USDA planting intentions report threw up one major surprise, soybean acres at just 76 million, only fractionally higher than in 2008, and just a smidgen above the lowest of all the trade estimates.
Corn acres came in pretty much as expected, 1 million down from last season and wheat was pretty much spot on with trade ideas of around 58.5 million.
Traders are already calling beans 20-30 higher this afternoon, with wheat 3-5 cents higher and corn flat to 3 cents higher.
In other news the Argentine strike may be over for now, but their bean crop keeps getting lower, with the Ag Secretariat there dropping their estimate to 37-39 million tonnes. That may also provide a bit of enthusiasm for the bulls.
Saudi Arabia bought 495,000mt of wheat in a tender, the bulk of it coming from Canada. Jordan and Egypt are tendering this week, Japan has decided not to bother.
Corn acres came in pretty much as expected, 1 million down from last season and wheat was pretty much spot on with trade ideas of around 58.5 million.
Traders are already calling beans 20-30 higher this afternoon, with wheat 3-5 cents higher and corn flat to 3 cents higher.
In other news the Argentine strike may be over for now, but their bean crop keeps getting lower, with the Ag Secretariat there dropping their estimate to 37-39 million tonnes. That may also provide a bit of enthusiasm for the bulls.
Saudi Arabia bought 495,000mt of wheat in a tender, the bulk of it coming from Canada. Jordan and Egypt are tendering this week, Japan has decided not to bother.
